SOFR-Based Rate definition
SOFR-Based Rate means SOFR or Term SOFR.
SOFR-Based Rate means SOFR or Term SOFR.”
SOFR-Based Rate means SOFR, CompoundedSOFR Rate Day” has the meaning specified in the definition of “Daily Simple SOFR or Term SOFR”.
Examples of SOFR-Based Rate in a sentence
The Administrative Agent shall promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes implemented in connection with the use and/or administration of SOFR, the SOFR Reference Rate (for any applicable tenor) and/or any SOFR-Based Rate.
More Definitions of SOFR-Based Rate
SOFR-Based Rate has the meaning specified in Section 3.03(b).
SOFR-Based Rate means SOFR or Term SOFRSOFR Adjustment” means 0.10% (10.00 basis points) per annum.
SOFR-Based Rate means SOFR, CompoundedSOFR Determination Date” has the meaning specified in the definition of “Daily Simple SOFR or Term SOFR”. “SOFR Rate Day” has the meaning specified in the definition of “Daily Simple SOFR”. “Solvent” means, with respect to the Borrower and its Subsidiaries, (i) the fair value of the assets of the Borrower and its Subsidiaries taken as a whole as a going concern, at a fair valuation, exceed and will exceed their debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of the Borrower and its Subsidiaries taken as a whole as a going concern will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Borrower and its Subsidiaries will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower and its Subsidiaries do not and will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is presently conducted and is proposed to be conducted in the future. “Specified Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder. “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Borrower or any Subsidiary thereof in connection with the Permitted Receivables Facility which are reasonably customary in an accounts receivable financing transaction; provided, that the representations, warranties, covenants and indemnities set forth in the Existing Permitted Receivables Facility Documents are deemed to be “Standard Securitization Undertakings”. “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject, with respect to the Adjusted LIBO Rate, for eurocurr...
SOFR-Based Rate means each of Adjusted Term SOFR for any Interest Period, Daily Simple SOFR and Term SOFR for any Interest Period.
SOFR-Based Rate means SOFR, Compounded SOFR or Term SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).
SOFR-Based Rate means a rated based on SOFR, including Daily Simple SOFR or Term SOFR.
SOFR-Based Rate means, with respect to any Interest Period, the per annum interest rate which is equal to the sum of (i) the Applicable Margin plus (ii) the rate per annum equal to the secured overnight financing rate published by the Federal Reserve Bank of New York (or a successor administrator) on the administrator’s website (or any successor source for the secured overnight financing rate identified as such by the administrator) (the “SOFR Screen Rate”) at or about 8:00 a.m. (Detroit, Michigan time) (or as soon thereafter as practical) as determined for each Interest Period, two (2) Business Days prior to the beginning of such Interest Period with a term equal to the relevant Interest Period for such indebtedness, plus .10%; provided that, except for a determination by Bank pursuant to Section 10.2 or Section 10.3 herein, if such rate is not published on such determination date then the SOFR-based Rate will be based on the SOFR Screen Rate on the first Business Day immediately prior thereto; provided, further, and notwithstanding anything to the contrary set forth in this Agreement, if at any time the SOFR-based Rate would otherwise be less than .25% per annum, then the SOFR-based Rate shall be deemed to be .25% per annum for all purposes of this Agreement.